Markets For 09/06/2009

Market Outlook: 09 June 2009

Globally the equity markets plunged today on account of poor economic data from the US markets. With the Jobless claims increasing and the housing starts declining the Asian markets opened on a cautious note and closed in red. Similarly the Indian markets opened in green but there after witnessed only one direction and that was downwards. After opening in green, while Sensex closed at 14665.92 (Down 437 Points), Nifty closed at 4429.90 (Down 157 points). On the sectoral front realty lost 10.54 per cent and even metals lost the sheen. Even Bankex, Consumer Durables and PSU indices were down by more than 4 per cent. We feel it was a combine effect of profit booking and weak global cues.

NIFTY (4429) : Has Supports Around 4355 Levels, If 4355 Broken With Volumes Then 4300 Lvl Stands As Support.

Resistance : 4480 / 4545 / 4585 / 4665

Support : 4380 / 4355 / 4315 / 4275

NIFTY FUT (4434)

Resistance : 4445 / 4480 / 4510 / 4555

Support : 4360 / 4290 / 4170

SENSEX (14665.92)

Resistance : 15035 / 15400

Support : 14450 / 14235

On Tuesday,Opening is Flat to Down,

Stay Short Below 4450,Sl Above 4470,Tgt 4355-4315-4275.

Sustain Above 4470,Buy with Sl Below 4450,Tgt 4510-4545-4585.

MKT COMMENTS

NIFTY FUT OI up 2.22% with 10% increasing volumes indicating forming of short positions.

We expect NIFTY FUT to trade negative with volatility.

BUY

TCS Above 730,Sl 720,Tgt 745/55/65/75/85/95+ (Positional)

BHARATFORGE Above 180,Sl 170,Tgt 185/90/95/200/205

WIPRO Above 405,Sl 395,Tgt 415/25/35/40

BUY POSITIONAL

PRAJINDS Above 100,Sl 90

BEML Above 940/45,Sl 930

BALRAMPURCHINI Above 100,Sl 90

POLARIS Above 100,Sl 90

SELL

CHENNAIPETRO Below 195,Sl 205

NEYVELILIGNITE Below 130,Sl 135,Tgt 125/20/15

BIOCON Below 205,Sl 210,Tgt 200/195/90

SBIN (1696),Sl Above 1715,Tgt 1655/40

BHARTIARTL Below 815,Sl 830,Tgt 800/785/65/50

COLGATE Below 515,Sl 535,Tgt 500/480/60+

HEROHONDA Below 1460,Sl 1490,Tgt 1435/05/1385/65/45+

FUTURES

Buy POLARIS Above 101/02,Sl 99,Tgt 105.2/106.1/107/108.3/109.5/110/111.4 (Lot Size : 5600)

Sell RPOWER 179/81,Sl 183,Tgt 177.3/176.4/174.6/172.8/171/169.2/167.4/166 (Lot Size : 2000)

SUNPHARMA (1325) : Looks Bullish

Support : 1295/1275

Resistance : 1330/1350/1375/1390/1410